Here are 1-3 brief analogies for Edesa Biotech:

• Like an early-stage Amgen, specializing in treatments for inflammatory and immune diseases.
• A clinical-stage Gilead Sciences focused on inflammatory and immune disorders.
• Picture it as a development-stage Vertex Pharmaceuticals aiming to create breakthrough therapies for inflammatory and immune conditions.

• EB05: A monoclonal antibody in Phase 3 clinical study for the treatment of acute respiratory distress syndrome in COVID-19 patients.
• EB01: A topical treatment in Phase 2B clinical study for chronic allergic contact dermatitis.

Edesa Biotech, Inc. (symbol: EDSA) is a biopharmaceutical company primarily engaged in the development of clinical-stage drugs. As its lead product candidates (EB05 and EB01) are currently in Phase 3 and Phase 2B clinical studies, respectively, they have not yet received regulatory approval for commercial sale. Therefore, Edesa Biotech, Inc. does not currently have major commercial customers to whom it sells its products.

As a development-stage company, its primary activities are research, clinical trials, and seeking regulatory approvals rather than direct commercial sales of its drug candidates.

• Fujifilm Holdings Corporation (Symbol: FUJIY)
• PCI Pharma Services
• Viatris Inc. (Symbol: VTRS)

Par Nijhawan, MD, FRCPC, AGAF Chief Executive Officer

Dr. Nijhawan is the founder and CEO of Edesa, positions he has held since forming the company in 2015. He is a seasoned pharmaceutical entrepreneur with over 20 years of experience in finance, marketing, and business development. Prior to Edesa, Dr. Nijhawan founded and served as CEO of Medical Futures Inc., which was sold to Tribute Pharmaceuticals in 2015. He also founded and led Digestive Health Clinic, growing it into Canada's largest provider of private endoscopy services, and founded Exzell Pharma, which was sold to BioLab Pharma in 2022. An entity affiliated with Dr. Nijhawan committed to investing up to $5 million in Edesa in October 2024.

Peter J. Weiler Chief Financial Officer

Mr. Weiler was appointed Chief Financial Officer, effective May 1, 2025. He is a veteran of the biotechnology and pharmaceutical industries with extensive experience in finance and corporate strategy. Since August 2018, Mr. Weiler served as President of Exzell Pharma, Inc., a privately held pharmaceutical company. His prior experience includes serving as Vice President of Business Development at Biosyent Inc. from 2017 to 2018, and various roles at Cipher Pharmaceuticals Inc., including Vice President of Business Development, from 2008 to 2017.

Michael Brooks, PhD, MBA President

Dr. Brooks was appointed President of Edesa in January 2019, having initially joined the company in September 2015 as Vice President, Corporate Development and Strategy. Before Edesa, he held positions of increasing responsibility at Cipher Pharmaceuticals Inc. from 2010 to 2015, most recently as Director of Business Development. Dr. Brooks holds a Hons B.Sc. in Microbiology and a PhD in Molecular Genetics from the University of Toronto, and an MBA from the Rotman School of Management.

Blair Gordon, PhD Vice President, Research and Development

Dr. Gordon is responsible for the design, management, and execution of Edesa's clinical programs. He completed his PhD studies at the University of Toronto in the Department of Molecular Genetics. His previous roles include business development at Cipher Pharmaceuticals and medical affairs at ArcticDX.

Gary Koppenjan Vice President, Corporate Affairs

Mr. Koppenjan has over 20 years of experience in corporate communications, marketing, and investor relations. Most recently, he led investor relations for a public life science company that was acquired by a large conglomerate. He also held various marketing and communications positions at a global crop science company.

1. Clinical Trial Failure and Regulatory Approval Risk: Edesa Biotech's core business relies heavily on the successful outcome of its clinical trials for lead product candidates, EB05 (Phase 3 for acute respiratory distress syndrome in COVID-19 patients) and EB01 (Phase 2B for chronic allergic contact dermatitis). Failure of these trials, or the inability to obtain necessary regulatory approvals from health authorities, would significantly jeopardize the company's future prospects and ability to commercialize its drugs.
2. Funding and Liquidity Risk: As a biopharmaceutical company with clinical-stage assets and no approved products generating revenue, Edesa Biotech is dependent on its ability to secure sufficient funding to continue its research and development activities, including ongoing clinical trials, and to fund its operations. A lack of adequate financing could delay or halt the development of its product candidates, impacting its long-term viability.
3. Market Competition and Evolving Treatment Landscape Risk: Edesa Biotech's potential products, if approved, will face significant competition from existing treatments and new therapies developed by larger, more established pharmaceutical companies. For EB05, specifically, the evolving nature of the COVID-19 pandemic and the availability of various treatments and vaccines could impact the market need and commercial viability, even if approved.

The widespread adoption and effectiveness of COVID-19 vaccines and early-stage antiviral treatments significantly reduce the incidence of severe COVID-19 cases that lead to acute respiratory distress syndrome (ARDS). This trend could substantially diminish the target patient population and commercial viability for Edesa's lead product candidate, EB05, which is in Phase 3 clinical study for the treatment of ARDS in COVID-19 patients.

EB05 (Acute Respiratory Distress Syndrome)

EB01 (Chronic Allergic Contact Dermatitis)

1. Commercialization and Expanded Indications of Paridiprubart (EB05) for Acute Respiratory Distress Syndrome (ARDS) and Related Conditions: Edesa Biotech's lead product candidate, paridiprubart (EB05), has shown statistically significant mortality reductions in Phase 3 trials for Acute Respiratory Distress Syndrome (ARDS). The company is actively pursuing accelerated commercialization pathways for this drug. Furthermore, positive results from exploratory analyses in the Phase 3 study for paridiprubart indicate benefits in ARDS patients with serious comorbidities such as sepsis, acute kidney injury, and pneumonia, for which provisional patent applications have been filed. These additional indications, coupled with the Fast Track designation from the U.S. FDA, could significantly broaden the market potential and accelerate market entry.
2. Advancement and Potential Commercialization of EB01 (Daniluromer Cream) for Chronic Allergic Contact Dermatitis (ACD): EB01, a topical treatment for chronic Allergic Contact Dermatitis (ACD), is a Phase 3-ready asset that has demonstrated statistically significant improvement in multiple symptoms in previous clinical studies. Successful completion of further clinical development and subsequent market launch would introduce a novel non-steroidal anti-inflammatory treatment for a common occupational skin condition, thereby contributing to revenue.
3. Progression and Future Commercialization of EB06 (Anti-CXCL10 Monoclonal Antibody) for Vitiligo: Edesa is developing EB06 as a therapy for vitiligo, with a Phase 2 study anticipated to begin recruitment mid-2026 following regulatory approval from Health Canada and ongoing manufacturing of clinical-grade drug supplies. Positive outcomes from this study and subsequent advanced trials could position EB06 for future commercialization in an area with unmet medical needs.
4. Strategic Collaborations and Partnerships: Edesa Biotech is actively evaluating strategic collaborations and partnership opportunities to support the late-stage development and commercialization of its therapeutic candidates, particularly paridiprubart (EB05). Such collaborations could provide non-dilutive funding, accelerate market access, and generate revenue through upfront payments, milestone achievements, and royalty agreements.

Share Issuance

• Edesa Biotech increased the maximum aggregate offering amount under its At The Market (ATM) Offering Agreement to $2,262,508 as of December 12, 2025.
• As of December 12, 2025, the company had sold an aggregate of $3,718,324.61 of common shares pursuant to the ATM Agreement and a prior prospectus.
• The company also sold an aggregate of $837,134 of common shares pursuant to a prospectus supplement dated October 4, 2024.

Inbound Investments

• Edesa Biotech has been awarded Canadian government funding to support its EB05 development program.
• The company benefits from a U.S. government-funded Phase 2 platform study for its EB05 drug candidate.
• Research and development expenses for EB05 decreased in the nine months ended June 30, 2025, due to the fully funded U.S. government "Just Breathe" study.

Capital Expenditures

• There is no information available for capital expenditures for Edesa Biotech in fiscal years 2022, 2023, 2024, 2025, or the trailing twelve months.